Rating

Standard & Poor's Rating Action

Haitong Bank S.A.

Counterparty Credit Rating

August 2nd, 2017

BB- / Negative / B

On August 2, 2017, the rating agency Standard & Poor's reviewed Outlook from neutral to negative, and affirmed the ‘BB-/B’ long-term and short-term counterparty credit ratings, for which it considers the Bank as a strategically important subsidiary of Haitong Securities Co. Ltd. The negative Outlook reflects the rating agency’s view that it could lower the currently assigned ratings if the management fails to deliver tangible and sustainable results in turning around the Bank’s business model and improving its financial profile, in the course of the restructuring process of its business model.